-Partners with Seasoned Self-Storage Developer in Highly-Visible
Project Near LA Stadium and Entertainment District at Hollywood Park-
MEMPHIS, Tenn. -- (Business Wire)
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that
it has closed a $28.7 million investment in a proposed multi-story,
primarily climate-controlled self-storage facility in Inglewood,
California. The proposed 120,038 net rentable square foot facility will
be a ground-up project located on W. Hyde Park Blvd. situated along the
405 Freeway providing “billboard” visibility to nearly 300,000 cars per
day, in addition to being next to the new Metro Rail, giving the
proposed facility further visibility to thousands of rail commuters. The
investment is the Company’s first in California.
The proposed project will be located less than two miles from Hollywood
Park, site of the new 70,000 seat LA Stadium that will be the home of
the Los Angeles Rams and Los Angeles Chargers and venue for the Opening
and Closing ceremonies of the 2028 Summer Olympics. Hollywood Park is
also the future site of an approved arena for the Los Angeles Clippers.
Plans for the Hollywood Park District include an entertainment district
containing a 6,000-seat performing arts venue, substantial office,
retail and hotel space, 25 acres of parks, pedestrian walkways and
bicycle paths, family and fine dining options and 2,500 modern
residences. The Company and the developers anticipate significant
gentrification of Inglewood as the Hollywood Park area is developed.
The proposed facility is expected to serve several surrounding
communities that provide limited self-storage options to a growing
population. Currently, the submarket is served by big-box retailers such
as Target, Costco, and Home Depot. Construction is expected to begin in
the first quarter of 2019 and be completed in mid-2020. Inglewood
Self-Storage LLC is the developer of the proposed project. Members in
the developer entity include Bruce Fairty, Stephen Garchik, Jay
Massirman, Stephen McBride and Michael Sorochinsky. Messrs. Garchik,
Massirman and McBride are principals in Miami City Self-Storage,
headquartered in Miami, Florida. The Company and MCSS have co-invested
in three other self-storage development projects.
Since January 1, 2017, the Company has closed 22 investments in new
self-storage projects for an aggregate commitment amount of $281.7
million.
About Jernigan Capital, Inc.
Jernigan Capital, Inc. is a New York Stock Exchange-listed real estate
investment trust (NYSE: JCAP) that provides debt and equity capital to
private developers, owners, and operators of self-storage facilities.
Our mission is to be the preeminent capital partner for self-storage
entrepreneurs nationwide by offering creative solutions through an
experienced team demonstrating the highest levels of integrity,
dedication, excellence and community, while maximizing shareholder
value. The Jernigan Capital team has extensive experience in over 100
U.S. markets—from acquiring and managing self-storage properties to new
self-storage development—providing JCAP with knowledge unmatched by any
lender, broker or advisor to the sector. Jernigan Capital is the only
source of construction and development capital focused solely on the
self-storage sector.
Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. The
ultimate occurrence of events and results referenced in these
forward-looking statements is subject to known and unknown risks and
uncertainties, many of which are beyond our control. These
forward-looking statements are based upon the Company's present
intentions and expectations, but the events and results referenced in
these statements are not guaranteed to occur. Investors should not place
undue reliance upon forward-looking statements. For a discussion of
these and other risks facing our business, see the information under the
heading “Risk Factors” in our Annual Report on Form 10-K filed with the
Securities and Exchange Commission (“SEC”) and our other filings with
the SEC from time to time, which are accessible on the SEC’s website at www.sec.gov.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170914006357/en/
Contacts:
Jernigan Capital, Inc.
Investor Relations: 901-567-9580
Investorrelations@jernigancapital.com
Source: Jernigan Capital, Inc.
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